Financing for Development
Achieving global justice, mitigating climate change effects, building peaceful and safe societies, and other global development objectives requires a continuous engagement as well as funding. While leaders of the world agreed on ambitious and universal sustainable development goals in 2015, finding the finances to reach these goals remains a challenge.
Financing for development covers many different public and private, domestic and international financial flows, among which domestic fiscal revenues, public development aid, remittances, foreign direct investment and external debt. On one hand, the domestic resources, such as taxation, are by far the largest source of revenue for financing economic and social development although they are not usually used for social-justice. On the other hand, public sources of financing (including aid, and government borrowing) tend to be more predictable and stable and they also have the potential to be more used for social-justice by targeting the poorest and most vulnerable people.
In this debate, CONCORD actively campaigns to hold EU leaders accountable for their commitments to dedicate 0,7% of their Gross National Income to development assistance and to use this aid in genuine, poverty-focused and effective ways. We also advocate for the mobilization of other financing sources, including through promoting tax justice, combating illicit financial flows including tax dodging by transnational companies, improving the international financial cooperation and the global economic governance, and ensuring that private sector financial contributions focus on sustainability and human rights criteria.
Underpinning all this, CONCORD promotes strong, democratic ownership by the people in developing countries over their own development and financing policies.
CONCORD focuses on an evidence-based policy, including the writing of the annual AidWatch report. We actively engage in dialogues with leaders in EU institutions, member states and international organisations, also as part of broader coalitions of the civil society, to push for necessary policy changes and a more favourable policy environment.
The change we want to see:
- People’s ownership in the Global South on use of finances: We want the EU and Member States to increasingly respect the entitlement of citizens of the Global South to define their and their country’s sustainable development plans and the resources to finance them.
- Tax Justice: We support and amplify initiatives to promote tax justice.
- Quantity and Quality of the Official Development Assistance budget (ODA): We want the ODA to be genuine and innovative, and remain at the core of political debates to hold the EU and Member States accountable.
- Gender Equality: We want the programming and review of the EU financial instruments to lead to a bigger commitment towards gender equality.
- Framing the private sector’s contribution: We want the EU policies and practice to put the private sector’s contributions to development finance increasingly in the right(s) framework.
With only genuine aid being accounted, it would take the EU and its Member States another 30 years to reach their commitment to 0.7% GNI, reveals the CONCORD AidWatch report 2017 “EU Aid Uncovered – how to reach the target on time” published today.read more
How much did each EU country give to ODA in 2016? Get an answer in the accompanying graphs of the 2017 AidWatch Report.read more
What is and what should be the role of the private sector in development? CONCORD launches its new report “10 point roadmap for Europe on the role of the private sector in development” compiling ten areas of action for the EU to ensure a fair, sustainable and accountable contribution of the private sector to the 2030 Agenda.read more
The 2017 CONCORD AidWatch Report will be launched on 16 October and the paper available on 17 October. Do not miss this key publication and join our launch event in Brussels!read more